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Released March 05, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--The AES Corporation (NYSE:AES) (Arlington, Virginia) (AES) is picking up the pace of its renewable-energy development. The company, once focused on coal-fired generation, is raising its renewables growth target about 40% to between 3 and 4 gigawatts (GW) of long-term power-purchase agreements (PPAs) per year, and now aims to achieve portfolio-wide net zero carbon emissions from its electricity sales by 2040. Industrial Info is tracking nearly $17 billion of active AES projects worldwide, including more than $5 billion worth in the U.S.
Click on the image at right for a graph detailing active AES projects in the U.S., by state.
AES signed 3 gigawatts (GW) of new PPAs for renewable generation and energy storage in 2020, mostly in the U.S. and South America.
"Our current backlog of projects reached 6.9 gigawatts [at the end of 2020]," said Andrés Gluski, the chief executive officer of AES, in a recent earnings-related conference call. "About half of the total is solar, and most of the remainder is wind and energy storage; 100% of our backlog is renewable. We expect to bring almost 4 gigawatts of this backlog online in 2021, one of the largest capacity additions in AES' history."
AES began construction last summer on the $480 million second phase of the Spotsylvania Solar Plant in Thornburg, Virginia. The 75-MW first phase completed construction in September and was commissioned in November; the 240-MW second phase is expected to wrap up this summer. Upon completion, Spotsylvania will be the largest U.S. solar project east of the Rocky Mountains, according to the company. For more information, see Industrial Info's project report.
Sustainable Power Group (sPower), a renewable-focused independent power producer (IPP) owned by AES and Alberta Investment Management Corporation (AIMCo), announced in November that it would merge with AES' U.S.-based clean energy development business. The new platform covers sPower's and AES' differentiated capabilities in solar, wind and energy storage, and is responsible for managing Spotsylvania and most of AES' active renewable-generation projects.
Other solar projects under consideration include the estimated $80 million Clover Creek plant in Manti, Utah, which would generate 80 MW from photovoltaic (PV) modules, and the estimated $35.5 million Waikoloa Village plant in Waikoloa, Hawaii, which would generate 30 MW from PV modules. Both projects are in their planning phases, where plenty of factors could alter, delay or cancel investment. For more information, see Industrial Info's reports on the Clover Creek and Waikoloa Village projects.
Fluence, a joint venture between AES and Siemens AG (Munich, Germany) that develops energy-storage systems, signed 785 MW of new capacity in 2020. Gluski said accelerating demand for energy storage and concerns about grid stability are driving Fluence's business. Among the projects under construction for which it is providing engineering, procurement and construction (EPC) services is AES' $80 million battery energy-storage system (BESS) in Fallbrook, California, which is designed to hold 40 MW. It is expected to wrap up toward the end of the first quarter. For more information, see Industrial Info's project report.
Other BESS projects involving AES and its subsidiaries include the $93 million Luna Battery Storage project in Lancaster, California, a 100-MW facility under construction and set to wrap up in the third quarter, and the $55 million Baldy Mesa Solar project in Adelanto, California, a 100-MW facility that is seeking permits. California, which has some of the most aggressive renewable-energy goals in the U.S., accounts for most of the active BESS projects from AES. For more information, see Industrial Info's reports on the Luna and Baldy Mesa projects.
AES also continues to divest its coal-fired generation assets, like many of its peers in the U.S. power-generation sector. Through asset sales and retirements announced in 2020, the company cut its coal-fired generation to 25% of its generation portfolio. AES says it is on track to further reduce its coal-fired generation to less than 10% of its portfolio by the end of 2025, which is five years earlier than previously expected.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
Click on the image at right for a graph detailing active AES projects in the U.S., by state.AES signed 3 gigawatts (GW) of new PPAs for renewable generation and energy storage in 2020, mostly in the U.S. and South America.
"Our current backlog of projects reached 6.9 gigawatts [at the end of 2020]," said Andrés Gluski, the chief executive officer of AES, in a recent earnings-related conference call. "About half of the total is solar, and most of the remainder is wind and energy storage; 100% of our backlog is renewable. We expect to bring almost 4 gigawatts of this backlog online in 2021, one of the largest capacity additions in AES' history."
AES began construction last summer on the $480 million second phase of the Spotsylvania Solar Plant in Thornburg, Virginia. The 75-MW first phase completed construction in September and was commissioned in November; the 240-MW second phase is expected to wrap up this summer. Upon completion, Spotsylvania will be the largest U.S. solar project east of the Rocky Mountains, according to the company. For more information, see Industrial Info's project report.
Sustainable Power Group (sPower), a renewable-focused independent power producer (IPP) owned by AES and Alberta Investment Management Corporation (AIMCo), announced in November that it would merge with AES' U.S.-based clean energy development business. The new platform covers sPower's and AES' differentiated capabilities in solar, wind and energy storage, and is responsible for managing Spotsylvania and most of AES' active renewable-generation projects.
Other solar projects under consideration include the estimated $80 million Clover Creek plant in Manti, Utah, which would generate 80 MW from photovoltaic (PV) modules, and the estimated $35.5 million Waikoloa Village plant in Waikoloa, Hawaii, which would generate 30 MW from PV modules. Both projects are in their planning phases, where plenty of factors could alter, delay or cancel investment. For more information, see Industrial Info's reports on the Clover Creek and Waikoloa Village projects.
Fluence, a joint venture between AES and Siemens AG (Munich, Germany) that develops energy-storage systems, signed 785 MW of new capacity in 2020. Gluski said accelerating demand for energy storage and concerns about grid stability are driving Fluence's business. Among the projects under construction for which it is providing engineering, procurement and construction (EPC) services is AES' $80 million battery energy-storage system (BESS) in Fallbrook, California, which is designed to hold 40 MW. It is expected to wrap up toward the end of the first quarter. For more information, see Industrial Info's project report.
Other BESS projects involving AES and its subsidiaries include the $93 million Luna Battery Storage project in Lancaster, California, a 100-MW facility under construction and set to wrap up in the third quarter, and the $55 million Baldy Mesa Solar project in Adelanto, California, a 100-MW facility that is seeking permits. California, which has some of the most aggressive renewable-energy goals in the U.S., accounts for most of the active BESS projects from AES. For more information, see Industrial Info's reports on the Luna and Baldy Mesa projects.
AES also continues to divest its coal-fired generation assets, like many of its peers in the U.S. power-generation sector. Through asset sales and retirements announced in 2020, the company cut its coal-fired generation to 25% of its generation portfolio. AES says it is on track to further reduce its coal-fired generation to less than 10% of its portfolio by the end of 2025, which is five years earlier than previously expected.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
